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REGISTERED NUMBER: 12131970 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

TERRAROC LTD

TERRAROC LTD (REGISTERED NUMBER: 12131970)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TERRAROC LTD

COMPANY INFORMATION
for the Year Ended 31 December 2022







DIRECTORS: M P Lemos Andrade
O Heydorn
A J Hoondert
PFP Nilsson





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 12131970 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

TERRAROC LTD (REGISTERED NUMBER: 12131970)

BALANCE SHEET
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 45,108 42,640
Tangible assets 5 51,531 44,935
96,639 87,575

CURRENT ASSETS
Stocks 1,116,476 1,028,488
Debtors 6 300,018 2,037,652
Cash at bank 116,953 48,112
1,533,447 3,114,252
CREDITORS
Amounts falling due within one year 7 4,147,311 832,125
NET CURRENT (LIABILITIES)/ASSETS (2,613,864 ) 2,282,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,517,225

)

2,369,702

CREDITORS
Amounts falling due after more than one year 8 - 3,357,980
NET LIABILITIES (2,517,225 ) (988,278 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (2,517,226 ) (988,279 )
SHAREHOLDERS' FUNDS (2,517,225 ) (988,278 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





M P Lemos Andrade - Director


TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

TerraRoc Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The trading address of the company is McCafferty Way, McCafferty Way Ind Estate, Grangemouth FK3 8EB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has obtained a letter of support from its parent company, Debe Flow Group AB. The directors of Debe Flow Group AB have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and 1 day from the date on which the audit report is signed. As a result of this commitment the directors have continued to adopt the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on delivery of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets relate to Goodwill, being costs incurred in connection with the group acquisition of a business in 2019. It is showing in the financial statements as cost less impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line between 3 and 8 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes purchase cost, delivery and a portion of overheads.

Stock is sold on a first in, first out basis.

Financial instruments
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022 42,640
Additions 2,468
At 31 December 2022 45,108
NET BOOK VALUE
At 31 December 2022 45,108
At 31 December 2021 42,640

TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 84,942
Additions 24,757
At 31 December 2022 109,699
DEPRECIATION
At 1 January 2022 40,007
Charge for year 18,161
At 31 December 2022 58,168
NET BOOK VALUE
At 31 December 2022 51,531
At 31 December 2021 44,935

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 281,798 314,870
Amounts owed by group undertakings - 1,695,539
Other debtors 18,220 27,243
300,018 2,037,652

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 180,386 533,203
Amounts owed to group undertakings 3,820,422 34,181
Taxation and social security 21,383 24,467
Other creditors & accruals 125,120 240,274
4,147,311 832,125

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Amounts owed to group undertakings - 3,357,980

TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 68,119 65,926
Between one and five years 58,786 72,565
In more than five years - 3,933
126,905 142,424

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1 Ordinary £1 1 1

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

Use of our report
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements.:
"This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

12. POST BALANCE SHEET EVENTS

After the year end, the long term loan due to Terraroc Oy has been converted to equity. This has reduced the long term liability to £nil and share capital has increased to £4 and share premium has increased to £3,543,533.

Following this, the parent company sold its shareholding in Terraroc Limited to Debe Flow Group AB, a company registered in Sweden.

13. ULTIMATE PARENT COMPANY

The immediate parent company is Terraroc Oy (Finland), a company incorporated in Finland with a registered office at Terraroc Oy, Pihtisulunkatu 1 A, Tampere 33330, Finland. This is the smallest goup in which the results of the company are consolidated.

The ultimate parent company is Mimir AB, a company incorporated in Sweden. This is the largest group in which the results of the company are consolidated. Copies of the consolidated financial statements are not publically available.